Agreement in Principle (AIP)

Same as a Decision in Principle — an initial lender indication of borrowing capacity.

AIP and DIP (Decision in Principle) are the same thing: an initial statement from a lender confirming how much they'd likely lend you based on a credit check and declared income. Different lenders use different names — AIP, DIP, MIP (Mortgage in Principle), or Mortgage Promise — but they all serve the same purpose. Estate agents usually ask to see one before accepting your offer.